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Welcome Finance - This company needs to be banned.


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IF Welcome goes into administration they would have to honour all existing complaints and court action brought against them. They are still regulated by the FSA and as such still have to abide by its terms.

 

If there is a potential buyer in the future, they will carry over the litigation with the debt book.

 

Stewie

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IF Welcome goes into administration they would have to honour all existing complaints and court action brought against them. They are still regulated by the FSA and as such still have to abide by its terms.

 

If there is a potential buyer in the future, they will carry over the litigation with the debt book.

 

Stewie

 

but isn't administration where you get pennies for pounds? or is it different cos it's FSA regulated?

 

Sorry if i'm being thick!

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welcome should have published its accounts last friday

 

i mean cattles

 

That's very interesting. Don't they have a statutory obligation to announce the results when they say they will?

fix (vb.):

1. to paper over, obscure, hide from public view;

2. to work around, in a way that produces unintended consequences that are worse than the original problem.

Usage: "Vista fixes many of the shortcomings of Windows XP".

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but isn't administration where you get pennies for pounds? or is it different cos it's FSA regulated?

 

Sorry if i'm being thick!

 

 

If you are a share holder you pretty much get nothing for your share, I think I heard at the moment Cattles is worth less than 18 to the pound. They have absolutly NO equity in the company other than the loan book.

 

If you owe them money they will continue to try and collect or the administrators will. But doubt very much they will call the loan up without massive incentive.

 

Stewie

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andie

what i think will happen with cattles is this

the shares will get suspended

cattles will close there outfits like welcome finance, shop a cheque, and who ever else

it will remain a skeleton company not on the stock exchange.

cattle will still be liable for all current obligations.

 

ive been chatting on the cattles share page with the hooray henries

 

it seems barclays are pulling out and cutting there losses

 

so where is cattles going to pay its 500 mil loan by july

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ok so seen as I don't owe them anything anymore and I have a case lodged against them in court - if Cattles goes down my case still lives on - ergo they have to pay me my money....sorry if I sound really selfish but I've put soooo much work into this case I just don't want it to disappear

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That's very interesting. Don't they have a statutory obligation to announce the results when they say they will?

 

 

Hi GK,

 

I dont think they could announce results as they were all incorrect, thats why they called in Delloits. I suspect they have done a full audit and can only release numbers when completed.

 

3 Directors got suspended due to the numbers being all wrong, so it has to be pretty bad.

 

The impairment they were going to list two weeks ago seems to have jumped something crazy and the number being tossed around is over £200 mil and ontop they have to repay bank roll over of £500mil.

 

They even did an internal memo to staff to re-assure them they not going tits up. 08712 201 923 The CEO trying to assure staff everything will be ok.

 

Hope this helps

 

Stewie

I need to change my avatar..But cant find a good replacement.

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andie

what i think will happen with cattles is this

the shares will get suspended

cattles will close there outfits like welcome finance, shop a cheque, and who ever else

it will remain a skeleton company not on the stock exchange.

cattle will still be liable for all current obligations.

 

ive been chatting on the cattles share page with the hooray henries

 

it seems barclays are pulling out and cutting there losses

 

so where is cattles going to pay its 500 mil loan by july

 

That's encouraging. I notice that Barclays bought up 4% of shares on thursday, then dropped 1% back on friday - i wonder what they're up to?

 

Personally, i hope they do go into administration - we've been trying to reject the car, and i'm hoping that the administrators would rather have an actual asset (i.e. a car to sell on) than continue to argue over the contract, which we think is unenforceable anyway ;)

fix (vb.):

1. to paper over, obscure, hide from public view;

2. to work around, in a way that produces unintended consequences that are worse than the original problem.

Usage: "Vista fixes many of the shortcomings of Windows XP".

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accounts have to be released on an annual basis

its the law

 

funny the last ceo a while back dumped all his shares and got a golden hand shake

 

he knew it was going tits up

 

 

Word on the ground is they are having record amounts of sick leave too, and all the staff are jumping ship. Cattles have 4000 staff on the payroll so the smart ones are getting out in the market place before the rest.

 

Even directors are calling in sickies

Edited by 082stewie
Arrh Spelling

I need to change my avatar..But cant find a good replacement.

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Apparently their outgoing finance director was asked to stay on for longer to help sort out the mess. He couldn't because of 'health issues' - go figure ;)

fix (vb.):

1. to paper over, obscure, hide from public view;

2. to work around, in a way that produces unintended consequences that are worse than the original problem.

Usage: "Vista fixes many of the shortcomings of Windows XP".

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Hi,

 

I have just listened to the CEO and we can all expect more harassing phone calls for sure.

 

Hi GK,

 

I dont think they could announce results as they were all incorrect, thats why they called in Delloits. I suspect they have done a full audit and can only release numbers when completed.

 

3 Directors got suspended due to the numbers being all wrong, so it has to be pretty bad.

 

The impairment they were going to list two weeks ago seems to have jumped something crazy and the number being tossed around is over £200 mil and ontop they have to repay bank roll over of £500mil.

 

They even did an internal memo to staff to re-assure them they not going tits up. 08712 201 923 The CEO trying to assure staff everything will be ok.

 

Hope this helps

 

Stewie

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Have just been reading the stock chatter on Google discussions, and it really does seem like they're dead in the water.

 

As an aside - i'm conscious that we have hijacked Roxy's thread. Mods, would it be worth moving this into its own thread? Or should we just do the decent thing and start our own ;)

fix (vb.):

1. to paper over, obscure, hide from public view;

2. to work around, in a way that produces unintended consequences that are worse than the original problem.

Usage: "Vista fixes many of the shortcomings of Windows XP".

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I think this thread has a life of its own now!!! I think about 10 people have added in separate claims etc etc and it always goes back to the same topic of how rancid Welcome finance are.

Sorry Roxy!;)

I need to change my avatar..But cant find a good replacement.

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Postggj, I was reading your thread fully there and I need to ask a couple of questions.....

 

One of your complaints was about the Acceptance Fee not being separate from the credit. However, I think it is on mine. What I am claiming is that they have added interest on to the Fee. Is that enough to claim for?

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